Why Do We Need Rent Receipts?

Feb 26,2020 / By Prahalad Singh / No Comment

Rent Receipts & Its Benefits:

A rent receipt is a record of the transaction of rent paid by a tenant to his/her landlord. A rent receipt is provided by the landlord upon collecting the rent from the tenant. It can be used for legal matters or tax benefits if you are eligible.

To claim House Rent Allowance (HRA), you are asked to submit important documents like rent receipts, rent agreement to your employer before the end of the financial year. If the amount of rent exceeds Rs 1 lakh/annum, the PAN No of the landlord is also required.

Are rent receipts required for every month?

It is not mandatory to submit rent receipts every month, but one must do it on a quarterly, half-yearly or annual basis.

Rent Receipts Sample:

What are the important points to note about the rent receipts?

Important points to note about the rent receipts:

The rent receipts for all the months for which you are claiming HRA is required to be submitted.

A revenue stamp is required to be affixed on rent receipts if cash payment is more than Rs. 5000/receipt. If rent is paid through cheque then revenue stamp is not needed.

If the annual rent paid exceeds Rs.1,00,000/year, it is compulsory to report PAN No of the landlord to claim HRA exemption. If the landlord refuses to give his/her PAN No, then you can’t claim HRA for the rent paid and your employer will deduct the TDS accordingly.

What is HRA?

House Rent Allowance (HRA) is a part of the salary given by an employer to his employee for his rented accommodation. HRA exemption can be claimed only if the employee is living in a rented house.

What are the necessary documents required to claim HRA?

To claim HRA, you are asked to submit important documents like rent receipts, rent agreement to your employer before the end of the financial year. If the amount of rent exceeds Rs 1 lakh/annum, the PAN No of the landlord is also required. This will help you get exemption in your form-16 and you can avoid further troubles during your Income-tax return filing.

Why rent receipts are required by a salaried person?

This will help them get exemption in their form-16 and they can avoid further difficulties during their Income-tax return filing. In another word, a salaried person uses rent receipts to claim House Rent Allowance (HRA) benefits in total taxable salary.

Why do I need to take a rent receipt from my house owner?

It is an important document used as evidence of the transfer of rent to the house owner.

What are the necessary elements of a rent receipt?

Date of Payment
Rental Period
Tenant Name
Landlord Name
House Address (for which you are paying rent)
Signature of Landlord
PAN No of the Landlord (if annual rent exceeds Rs.1,00,000 in a year)
Revenue Stamp (if amount paid in cash more than Rs 5,000)

Is rent receipt mandatory for claiming HRA?

Yes, the rent receipt is a mandatory document to claim HRA. If an employee receives HRA in excess of Rs. 3000/month, it is necessary to present rent receipts to the employer for claiming HRA. Even if your HRA is less than Rs. 3000/month, try to keep rent receipts with you in case the officer asks for them at a later date.

Why should I need to submit rent receipts to the HR Department?

As per the Income Tax rule of India, every person who pays salary is required to deduct tax at source(TDS), deposit with the government and then pay the remaining amount to the employee. During this process, if any employee makes a tax saving investment then the person liable for deducting tax. He has to consider and give the benefit of that investment and then deduct the tax on the net amount.

Usually, it has been seen that people present fake rent receipts, even when they are not living in rented accommodation. So, to counter this, HR departments have begun asking for rent agreements for giving HRA benefits.

Is there any last date fixed for submitting rent proof to the employer?

Normally, every employer has its own last date or deadline by which all investment proofs documents must be submitted. Extra TDS will be deducted from your take-home salary if you miss the deadline. However, you can claim the extra TDS deduction directly from your income tax return.

Who can claim HRA exemption?

If you meet the following conditions, you can claim HRA tax exemption:

You should be a salaried person.
You must accept HRA as a part of your salary package/CTC.
You should live in rented accommodation.

Can I claim both home loan deduction and HRA?

Yes, If you are a homeowner and you are paying back your home loan, you can claim HRA if you live in a rented property. You are allowed to get both the benefits to reduce your taxable income.

What are the important points to check in your Rent Agreement?

Important points to check in your rental agreement are:-

Rent agreement should be on Rs 500 stamp paper or as per the stamp rate prevailing in your state.

It can be registered for 11 months only. For more than 12 months, the rent agreement is not registered instead lease deed is to be favored which requires registration.

Every year, the rent agreement is renewed after 11 months with the revised rent.
Both landlord and tenant are required to follow the notice period as mentioned in the agreement.

How payments of rent help us in saving tax?

There can be three circumstances when you are paying rent for your rented accommodation:-

When HRA is a part of your CTC & you submit the rent payment proof to your HR
When HRA is a part of your CTC & you forget to submit the rent payment proof to your HR
When HRA is not a part of your CTC

What to do when your landlord refuses to give his/her PAN No?

Landlord’s PAN is compulsory if the paid rent is more than Rs 1 lakh annually or Rs 8,300 monthly. If the landlord does not have PAN No, he has to give a declaration for the same.

If the total rent paid exceeds Rs 1 lakh annually, it is necessary to quote the landlord’s PAN No to claim an exemption. However, if your landlord refuses to give his PAN No, you can’t claim HRA and finally, your employer will deduct the TDS, accordingly.

Can I pay rent to my parents and claim HRA?

Yes, you can claim the HRA exemption by paying rent to your parents. But it is always advisable to have a rent agreement. You would need rent receipts to claim HRA exemption. Also, your parents need to show rental income from you in their income tax return.

Can HRA be claimed for paying rent for 2 houses?

This could only be possible when you live in both the houses in a specific year for proportionate months.

Can you claim the HRA deduction of a non-salary component?

Section 80GG enables taxpayers to claim a deduction in case you are not in receipt of HRA but still paying rent. A deduction is allowed in the following situation:

Rent paid minus 10% of adjusted total income

25% of the adjusted total income

Rs 2,000/month

Can HRA be claimed by both wife and husband?

Yes, because both are paying rent. But it will be better if your landlord issues two separate rent receipts or defines the proportion of rent paid by each person on the rent receipt.

Can I claim both HRA and a home loan?

If you have bought a house with the help of a home loan and live in another house on rent, you can claim tax benefit for both. But if the house you bought and the house you live in is in the same city and you should have a valid reason for not living in the house that you have, to prove to Income Tax Officer. The reason could be that the house you own is too far from your workplace, or traveling is very difficult during pick hours.

Can HRA be claimed if I own a house?

No, you can’t enjoy the tax benefits of HRA if you live in your own house.

What happens when I stay in a rented home for only a few months?

Yes, you can only claim the HRA exemption for the months you paid rent for.

I am planning to change my job this year. Can I share my old rent receipts with the new company?

In case your current employer allows HRA exemption from a previous job’s income, you might have to submit your old rent receipts. It is necessary to reveal the salary from your previous employment to your current employer in Form 12B.

Image source: Pinterest

Land records karnataka Product Updates Real Estate Real Estate News Right Step smart city mission Smart Residential Living Tips

How to Check Land Records Online In Karnataka?

Jan 8,2020 / By Prahalad Singh / No Comment

Online Land Conversion brought necessary transparency and accountability in the procedure and curb delays and corruption in the system. Karnataka has been at the forefront ever since the launch of this scheme. It is the first state to digitize all its land records under the Bhoomi project.

Bhoomi: An aid to Digital India campaign

In a bid to bring transparency and accountability in the property-related activities, Karnataka’s Revenue Department has brought all the land record activities online. “Bhoomi” is a project jointly funded by the Government of India (GoI) and the Government of Karnataka (GoK). It is a flagship project started by Karnataka State Government to maintain Land Records. This land record management system was introduced in 2000. It uses advanced online technology for land management under which all the manual Record of Rights (RTCs) which are examined at the time of data entry were digitized and made available to the citizen through Kiosk Centres. All the ownership or any other changes in the Record of Rights (RTCs) are executed through mutation as per the Karnataka Land Revenue (KLR) Act using the Land Records database.

For the convenience of the citizens, Bhoomi offices have been set in over 175 taluks and 6000 Gram Panchayats of the state. In each of these centers, LR Kiosk & Application Kiosk have also been set-up. Any citizen or farmer can directly walk into one of these offices and apply for an RTC by providing the required documents. An individual can also check the status of his/her application in these centers by using the acknowledgment number.

Bhoomi Portals offers a list of services managed by the Government of Karnataka:

List of New Taluks
i-Record of Rights, Tenancy and Crops (i-RTC)
Mutation Register
Kodagu Disaster Rescue
RTC
Mutation Extract
RTC Information
Tippan
Revenue Maps
Mutation Status
Registration of Citizen
XML verification of RTC
Citizen Login
Register of Dispute Cases

Also, to make the land conversion procedure easier and smooth, the Karnataka government has started the online process to convert agricultural land into non-agricultural land for commercial use after paying a nominal fee. This move will undeniably improve the state’s ease-of-doing-business and make the land conversion system hassle-free.

Process of registering yourself at the Bhoomi Portal?

In order to avail of the services offered at Bhoomi, you will be required to register at the Bhoomi Portal before login. Below are a few useful tips for registration:

Step 1: Visit for the official Bhoomi Login page-. www.landrecords.karnataka.gov.in

Step 2: Click the “Create Account” icon to redirect you to the Sign-up page

Step 3: Enter the required details along with the Captcha Code

Step 4: Click on ‘Submit’ to register yourself at the Bhoomi Portal

One can effortlessly log in to the Bhoomi Portal and download the appropriate deeds within a few minutes! Below is the step by step-by-step process to assist you to download your property papers.

How to check/view Karnataka Land Records online?

To view the Karnataka land records online, one will simply have to login to the Bhoomi Portal and follow the step-by-step process-

Step 1: Log in to www.landrecords.karnataka.gov.in

Step 2: Under the projects tab, click on ‘Bhoomi’

Step 3: Under services, click on ‘Citizen services’

Step 4: Next click on ‘RTC’

Step 5: Enter your details such as name, mobile no, email id, and Aadhar card number

Step 6: Enter land details such as district, taluk, hobli, village, survey number, surnoc, hissa number, and validity period of RTC.

Step 7: Click on ‘view RTC’ or ‘Pay & Download’ option

Step 8: Pay via your credit card/debit card/internet banking

Step 9: Download the PDF format and take a print out

Apart from Bhoomi, the revenue department of Karnataka has designed several other projects for the benefit of citizens. Some of them are CLWS (Crop Loan Waiver System), Parihara, Name match algorithm, and the Dishaank app.

Government of Karnataka to link lands digitally

One of the principal upcoming projects of the Karnataka Govt. is a drone-based survey that will be conducted across various districts of Karnataka. The Government of Karnataka has signed an agreement with the Survey of India in this respect. It is one of its kind movement, initiated by the state government at a cost of Rs 125 crore.

The project intends to update the RTC or Pahani (RTC) and link the lands digitally i.e., geo-reference them. Phase 1 of the project is supposed to be achieved within a time-frame of two years. Bengaluru, Ramanagara, Belagavi, Uttara Kannada, Hassan, and Tumkuru districts will be covered under Phase 1. Gadag, Mysuru, Dharwad, Dakshina Kannada, Kalaburagi, Davanagere, Kodagu, and Vijayapura are supposed to be included in the next phase.

Is there any benefit of Bhoomi Portal for farmers?

Yes, the Bhoomi Portal has proved to be a useful guide for farmers to avail of land-related documents and records throughout the years. The portal offers services to farmers to avail necessary documents such as:

Land records copy could be used by farmers later for applying for loans or any other purposes.
By giving the plot number or the name of the landowner, a copy of RTC can be easily taken.
To adjust land records in case of sale or inheritance of land, mutation requests can be used by farmers.
For protecting crops or claim insurance, crop data in the i-RTC can be used later.
The portal also gives farmers access to check the application status of mutation requests.
For land-related disputes, a farmer is required to submit land dispute documents at courts. In this situation, he can easily avail of the necessary documents from the Bhoomi Portal.
A farmer can request another inspector/controller at the Taluk level if the revenue officer fails to approve the mutation request in 50 days, to complete the request.

What is RTC? Which all information a landlord can get from RTC?

The RTC (Record of Rights, Tenancy and Crops) is also known as Pahani. It is an important land record in Karnataka that is issued to the existing landowner. The documents include the owner details and all the land-related details such as:

Information about the landowner
Tenancy
Area of the Land
Type of land
Water Rate i.e. how much of water is to be utilized to keep the land
Identification of soil type
Crops are grown on the land
Commercial, agricultural and non-agricultural residential flood area
Nature of possession
Liabilities such as bank loans on the land

How to register land in Karnataka through Bhoomi Portal?

Mentioned below are a few steps that are required to register land under Bhoomi Portal in Karnataka:

First of all, an individual must buy stamp paper and keep all the documents handy
Submit the required documents to the Sub-Registrar in charge of that particular jurisdiction
After verifying these documents, the individual will have to pay a fee for registering the land
A receipt for registering the land will be given to him/her
The photo of the individual will be taken at the same time
Verbal approval between the buyer and seller will be required, along with a witness
After registering the documents, a unique registration number will be assigned to this document
Once the registration process is complete, the rural land sale information is passed on to the Patwari for adding the entries in the Jamabandi register, which is the Record of Rights.

Karnataka Land records recent updates

In February 2019, Karnataka formally inked an agreement with the Survey of India to conduct a technology-driven, drone-based survey.
In October 2019, Karnataka Govt’s partnership with the Survey of India decided to link land records to digital maps.

Image Source: Onlineyojana.in

Decor maintenance Product Updates Right Step Smart Residential Living uncategorized

A guide to choosing the right colors for your house.

Nov 13,2019 / By Supriya Mogarala / No Comment

Whatever the selection, colors have an influence. That’s why most utmost modern homebuyers appreciate picking the colors that will determine the appearance of their latest home.

For those who have the intention to establish a fully custom house, the sky’s the border with regard to color alternatives. For those who purchase a resale house, whatever the former owner desired is what the subsequent buyer will get.

Between those two is the recently built home, which contributes buyers an insufficient number of predetermined colors for paint, cabinets, trim, front door, roof tiles, countertops and more. The options are many, though not enough to overwhelm most buyers’ ability to decide.

According to therapists, colors tend to have a psychological and physical impact on us.
For example, certain colors can raise blood pressure, increase metabolism or even cause eye strain, while other colors have a healing impact and may balance energy levels.

Red

Red signifies love, enthusiasm, and strength. It is a color that radiates warmness and attracts attention. It has a vast emotional influence, delivering it exemplary for the living room.

Orange

Orange is the color of wisdom, integrity, and kindness. It indicates a healthy social environment and revitalizes the mind and body.

Yellow

Yellow is one of the most rarely used colors in the world and is exemplary for small-sized houses in cities. It radiates warmness, motivation, and joy. Besides sunlight and spirituality, yellow is also correlated with money, as it is the color of gold.

Green

Green symbolizes freshness and wealth. Its peaceful quality describes the influence of nature. The color is determined to have a therapeutic influence and is becoming for rooms that concentrate on wellbeing and relaxation.

Blue

Blue symbolizes serenity, relaxation, and tranquility. It is the color of the sky and ocean and features a cooling and soothing impact in rooms. It is perfect for bathrooms because it is correlated with water. When practiced in bedrooms, it causes sleep by tranquilizing the mind. A shade of Mediterranean blue accommodates to blur the room’s boundaries thereby, making it resemble bigger than its original size.

Purple

Purple represents emotion, enthusiasm, royalty, lavishness, and intensity of feeling.

Pink

Pink is a sensitive color and connotes consciousness and caring nature. Hence, it is exemplary for bedrooms, as it gives a peaceful feeling and executes it look cheerful.

Black and white

White is correlated with sincerity and grace, while black is blended with negativity and compulsion. If you are not satisfied with a common white wall, then, you can choose for diverse tones of white. You can pick a white tone with a pink shade, blue or green tone. This makes the room resemble bigger and vigorous. Black can be practiced to add distinction, to a room that has light-colored walls.

While painting a room, do not apply more than three colors for any area, including neutrals. All that is lacked is short planning, to discover a color that entirely suits your room.
Suggestions for painting a large room
· Bright colors combine a positive vibe and obtain the surrounding extra vigorous. Younger children, inaccurate, direct to choose bright colors like orange, yellow, and red.
· Warm colors can obtain a huge room seem more comfortable, while little bedrooms can be made to resemble larger, with cooler shades.
· Living rooms decorated in a triadic system manage to be very lively and dynamic and represent youthfulness and freshness.
Painting a small room:
· Lavender, Yellow, and pink are exemplary for small-sized bedrooms.
· You can also decorate one wall in a small bedroom with a deeper shade, to distinguish it from the separate walls in the room. The darker wall will resemble to decrease, producing an apparition of space.

blog Buying property Property tax Real Estate Right Step Smart Residential Living Tips

Property Registration Charges In Bangalore 2019

Oct 25,2019 / By Prahalad Singh / No Comment

Property Registration Charges and Procedure in Bangalore 2019

All about Stamp Duty and Registration Charges:

Stamp Duty and Registration Charges in Bangalore are two crucial things you should know while you wish to buy a flat/apartment in Bangalore and applying for a home loan. So, if you are planning to buy a property in Bangalore and have a set budget for the same then you must consider these two charges which you will have to pay for getting your property registered. While Stamp Duty is levied by the state governments on the market value of the property, registration value is levied for registration of documents under the Registration Act, 1908. Most of the states have 1% as Registration Charges.

The government levies a tax when there is a transaction of property or transfer of rights in a property known as “Stamp Duty”. Stamp Duty is imposed on residential and commercial property transactions as well as freehold or leasehold properties. It is one of the most crucial documents as it provides legal status to the property transaction.

Stamp duty is a state matter and is fixed by the state government. So, the rate varies from state to state. Stamp duty is a charge payable on the sale agreement, on or before the date of registration of the agreement.

It depends on factors such as the location of the property, type of property, property status, and gender.

Property Registration Charges and procedure in Bangalore

You can avail tax deductions for these two charges if paid within the overall limit of Rs 1.5 Lakh and only in the ready-to-move-in property. The assessee is the only authorized person for the tax benefits on stamp duty and other registration charges for a particular property and not any other family member. All these tax deductions are only valid for a residential property as the commercial property does not come under the limits of this.

To calculate the registration fee and Stamp duty, different standards are used for different property types in Bangalore:-

For multi-story apartments in Bangalore, the super built-up area is considered for calculation
For plots in Bangalore, the sq ft area of the plot is multiplied by the current Guidance Value of that area
For independent houses, the total built area is estimated

How to register your property online in Bangalore?

The Karnataka government recently launched an online portal to allow property owners to access property-related documents, rather than visiting the sub- registrar’s office. There are over 250 sub-registrar offices listed on the portal where people can make their property registration.

Visit Karnataka Govt’s KAVERI portal i.e., https://kaverionline.karnataka.gov.in and register as a new user and follow the step-by-step instruction

How are stamp duty and registration charges calculated in Bangalore?

To calculate stamp duty and registration charges in Bangalore, follow these simple method-

Let’s assume you have finalized a property measured 1,000 sq.ft. in Bangalore. The Guidance Value is Rs 6,000/sq.ft. Next, there is the parking charge of Rs 2 Lakh and floor rise charge of Rs 30/sq.ft. Now, let’s say that the property is located on the 5th floor, then your floor rise premium will come up to Rs 150 per sq.ft. (30*5=150). Thus, the total base price will be Rs 6,150/sq.ft.

Saleable value of the property = 1,000 x 6,150 = Rs 61,50,000 (basic cost) + 2,00,000 (car parking) = 63,50,000
Registration charges = 1 % of 5,325,000 = Rs 63,500
Stamp duty = 5.6 % of 63,50,000 = Rs 3,55,600
Thus, the total cost of property = Rs 67,69,100

Why is stamp duty important?

It is one of the most significant or essential documents that provide legal status to your property transaction. At the same time, it generates revenue for the state.

How much is the stamp duty and registration charges in Bangalore? And how it is calculated on property transactions?

Type of Fee	Amount (Rs)
Registration Charge	1% of the property value
BBMP, BMRDA & Village Area Added Cess	10% on the stamp duty
Stamp Duty	5.6% of the property value
BBMP & Corporation Added Surcharges	2% on stamp duty
BMRDA & other Surcharges	3% on stamp duty

Stamp duty is charged only on the total saleable amount of the property, which is calculated by first multiplying the size of the property with its guidance value or the market value given by the builder. Then, car parking and floor rise charges, or preferential location charges (PLC) are added to give the total saleable value of the property.

Saleable Value = Basic Cost (Size of property x Guidance Value) + Parking Charges + Floor Rise Premium & Preferential Location Charges (PLC), if any.

Registration charges = 1%of the saleable Value

How can I pay stamp duty and registration charges in Bangalore?

You can pay these charges in the sub-registrar’s office through the following means for property registration in Bangalore:

Purchase stamps from the treasury or authorized stamp vendors
Made payment to the government through DD/ pay order issued by any nationalized bank/scheduled bank or challan
The document can be written or printed on plain paper, and the stamp duty can be paid through DD/ pay order issued by any nationalized bank/ scheduled bank or challan within two months of the date of execution of the document and certified by the jurisdictional district or sub-registrar.
In some states, you can also pay the necessary stamp duty amount online or, through RTGS/NEFT.

Are there any tax gains on payment of stamp duty and registration charges?

Yes, there are multiple deductions. you can avail tax deductions for these two charges if paid within the overall limit of Rs 1.5 Lakh. But, there are some restrictions added to it. These include:

All the deductions are only valid for a new property and not for resale property.
The payments must be made in the previous financial year as payments made later are not acceptable for a tax deduction. If you bought a house in the financial year 2018-19 for Rs 50 Lakh and paid Rs 5 Lakh as stamp duty and registration charges, then you are qualified for tax benefits calculated during the 2019-20 financial year, only if all the expenses have been paid during 2018-19.
You can claim tax deductions only for the ready-to-move-in property and not for under-construction or completed property.
As per Section 80C of the Income Tax Act, the maximum limit for tax benefit is set at Rs 1.5 Lakh.
All these tax deductions are only valid for a residential property as the commercial property does not come under the ambit of this, one can not get any tax rebate for that.

What are the key factors that determine stamp duty Charges?

The stamp duty percentage depends on various factors. These include:

The property’s age:

Since stamp duty is calculated on the total value of the property, the age of a property plays a significant role in setting stamp duty charges because older properties manage to be less expensive than newer properties.

Age of the property holder:

Senior citizens usually pay a lower stamp duty charge in most states. This is why the age of a property holder plays an important role in determining stamp duty charges.

Type of property:

You have to pay more stamp duty for a flat/apartment comparison to an independent house, etc.

Gender of the Owner:

Women usually pay a subsidized stamp duty fee when compared to men in India. Men have to pay about 2% more than a woman.

Purpose of the property:

Commercial properties normally attract a higher stamp duty fee in comparison to residential properties. This is so because commercial buildings would normally need a lot more amenities when compared to a residential building.

Location of the property:

The location of the property also determines the stamp duty fee payable by an individual. A property located in an urban area attracts higher stamp duty than a rural or suburban area.

Amenities:

The number of amenities that a property has also directed the stamp duty fee. A building with more amenities requires a higher stamp duty fee while a building with lesser amenities will have a lower stamp duty fee. Amenities like a community hall, library, swimming pool, gym, club, sports area, lifts, gym, children play area, etc., will need an individual to pay a higher stamp duty fee.

Stamp Duty Calculator

Stamp Duty ranges from 3% to 10% depending on the slab decided by the state government. It is calculated on the higher value between the Guidance Value (circle rate/ready-reckoner rate) and the agreement value of a property. For instance, if the agreement value of a property is Rs 60 lakh and the value according to Guidance Value is Rs 50 lakh, then the stamp duty would be calculated on the higher value, i.e., Rs 60 lakh

What happens, when someone pays insufficient stamp duty on their property?

For saving stamp duty, many people show a reduced property price in their agreement. As a result, the government has to suffer heavy revenue loss. If you pay insufficient stamp duty, you can be penalized huge for the same. The punishment and penalty for evasion of stamp duty may vary from state to state. The penalty can range anywhere from 8% to 20% of the actual stamp duty and term of imprisonment as per the state rules.

Data sources: Google

blog Buying property free car perking gst maintenance Property tax Real Estate Right Step Smart Residential Living Tips

2019 Festive Offers & Deals on Housing in NCR

Sep 26,2019 / By Prahalad Singh / No Comment

The festive season is deemed to be a favorable time for many of the Indian homebuyers, which developers and builders look to benefit on. It is the time of the year when people want to make new investments and purchases. To catch the sentiment, property developers come up with attractive offers & discounts. These offers & discounts during festive seasons are unique, competitive so that it could suit the target market. From a homebuyer’s viewpoint, this is one of the best periods to look out for their ideal homes, as most of the developers would be competing for their attention through these offers & discounts. Even property experts say that the festive season is the best time to invest in property.

Like every festive season, this time too, the real estate developers of NCR are showering offers and discounts like no EMI until possession, cash discount, free registration and stamp duty, GST waivers, free modular kitchen, free car-parking, iPhones to cars, club membership, registration & stamp duty among others to attract homebuyers back to the market.

Now, if you are planning to buy your dream home or want to invest in property in the national capital region (NCR), we list for you some offers & discounts that you must like to grab this festive season. Let’s check out some of the offers:

Delhi-NCR

Builder’s Name	Offers & Discounts
Gaur Group	Free Registration of Property, Semi-modular Kitchen, Air-conditioning, LED TV, Gold Coin, Refrigerator, Air-purifier, Washing Machine, Armani Wrist Watch among others.
Saya Group	Possession-linked payment plans – 30:20:50
Mahagun Group	GST waiver, Free car parking, Modular kitchen, club membership, etc.
Gulshan Homz	Free covered car parking, Power backup, Club membership, and lease rent.
Bhutani Infra	iPhone, iPad, and LED TV
Urbania Spaces	Dinnerware and Samsung tabs on every booking of 100 sq ft and 200 sq ft at its commercial project.
SG Estates	Monthly rental till possession, Free club membership, LED TV, etc
Spectrum Metro	Assured gifts up to Rs 1 lakh on every purchase and a chance to win Mercedes Benz

What builders do normally to clear their inventories?

Instead of reducing the per square feet (PSF) rate, normally, builders give discounts & offers and freebies to potential buyers. And to attract home buyers, normally builders experiment with the all-inclusive price.

Are these offers and discounts trustworthy?

Sometimes Yes, Sometimes No!! It all depends on the buyer’s bargaining ability. There are a few points which homebuyers should keep in their mind while buying properties during festive season:

Do not hurry for freebies. Give priorities to your requirements.
Don’t fall for the misconception of festive sales. Properties in a specific market are already available at a reduced price. If the builder is promoting the deal as ‘limited offer’, be aware that after the festival season, the benefits would remain almost the same or will be turned into some other offer.
Make out whether you are really saving big with that deal. The overall cost of the freebie and gift is included in the cost of the home. It is the buyers who need to choose which deal or offer suits them the most.
Make sure that the cost of freebies has not been added to the basic cost of the unit and that there are no hidden charges which the builder will ask for later.
If the offers & discounts are appropriate for all units or only select units? Sometimes, non-premium or non-Vastu compliant units are sold at huge discounts.
Figure out the price of the units over the last few months. Sometimes seen value to actual value might differ effectively.

What are homebuyers exactly looking for this festive season?

Homebuyers want a little extra to make a fresh deal this season. They are looking for affordability with modernity. From amenities that match their modern lifestyles including modular kitchens, luxury bathroom fittings, etc. Buyers are more clever than before, and are willing to take 80-85% loan but won’t negotiate with amenities. Good location with entree to lifestyle options like clubs, gym, parking, and markets is important to deal with. This is special from the normal discounts, fee waivers and rent guarantees by builders for festive sale gifts.

1 2 3 … 14

Category : Right Step